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WASHINGTON, D.C. -- While love might not cost a thing, consumers will be opening their wallets to show their sweeties how much they care this Valentine's Day, according to the National Retail Federation's (NRF) 2007 Valentine's Day Consumer Intentions and Actions Survey, conducted by BIGresearch for NRF.
BIGresearch predicts that the average consumer will spend $119.67 on Valentine's Day, up from $100.89 last year. With 63.4 percent of consumers planning to celebrate the holiday, total 2007 Valentine's Day spending is expected to reach $16.90 billion.
Men have historically been the big spenders when it comes to Valentine's Day, and this year is no exception, according to the survey. The average male is expected to spend $156.22, nearly double the $85.08 that the average female will spend. Flowers remain a popular holiday gift, with 58.3 percent of men planning to buy their sweetie some type of flower (vs. 52.3 percent in 2006). Men will also be showering their loved ones with cards (56.7 percent), candy (42.9 percent), an evening out (53.1 percent), and jewelry (27.6 percent).
When it comes to showing that special someone how much you care, both sexes will be hitting the stores for that perfect token of affection. Popular gifts include cards (62.8 percent), candy (48.4 percent), and flowers (36.7 percent). In addition, close to half of consumers (45.3 percent) will treat their loved one to a special evening out.
Consumers aged 25-34 plan on being the most generous this holiday, with the average 25-34 year-old spending $164.32. After cutting back on spending for the past two years, young adults are opening up their wallets a little wider as well. According to the survey, young adults 18-24 will spend $143.39 this Valentine's day, up significantly from $81.89 last year. In addition, consumers aged 45-54, who were the big spenders last year, will spend $107.81, down from $128.78 in 2006.